Innovation News

Basking Ridge, NJ - According to Eric Strauss of NJBiz, "Memorial Sloan Kettering Cancer Center has plans to develop a $140 million outpatient cancer center in Montvale, and now it looks like it has the property to do it. On Thursday, real estate investment trust Chambers Street Properties announced it has sold a 142,500-square-foot office building in the borough to an affiliate of the cancer center for $37 million."

In April, Sloan Kettering told NJBIZ that it was working on finalizing the purchase of a property on Summit Avenue for the facility it hopes to open in April 2017. The building sold by Chambers Street is located at 225 Summit Ave.

A Montvale cancer center would be Sloan Kettering’s seventh outside New York City, and third in New Jersey. Estimates indicate it would treat about 300 patients a day and create 330 jobs. The sale of the property reduces Chambers Street’s exposure to the New Jersey office market, the REIT said in its news release.